Coinbase will transfer its institutional clients’ International Exchange accounts, balances, and open positions to Deribit, the world’s largest crypto options exchange, on September 9. Trading is expected to pause for about 30 minutes during the cutover, and all open orders will be canceled. Clients who do not wish to participate must close their positions and accounts by August 28; those left open will be treated as accepting the migration.
During the switch, Coinbase will settle existing positions at the venue’s mark price, crystallize profit and loss, pay accrued funding, and move the resulting balances into Deribit subaccounts. Positions will then be recreated at the same settlement price through matched migration trades, appearing as block trades tagged “Migration” in Deribit’s records. Any price difference between International Exchange and Deribit markets before the cutover could cause immediate unrealized gains or losses when trading resumes, reflecting the gap during downtime rather than a fee.
Existing API keys and margin loans will not transfer. Institutions must close all margin loans beforehand and create new Deribit credentials, with the INTX perpetual trading endpoints retiring on September 9. The consolidation follows Coinbase’s acquisition of Deribit in August 2025 for approximately $2.9 billion, accelerating its institutional derivatives strategy. Deribit had about $60 billion in open interest at the time, and Coinbase reported $1.03 trillion in crypto derivatives volume in Q2 2026.
Legal structures will vary: clients using only Coinbase International Exchange will generally retain Coinbase Bermuda Limited as broker and custodian, while those with existing Deribit relationships may face different counterparties. The company cautioned that all announced dates remain estimates and product access varies by country. Institutions opting in must test their Deribit access from August 31 and replace API connections ahead of the planned cutover.
